Despite the book's alleged lack of popularity (full disclosure, I wasn't the biggest fan of it myself), I don't think there was much in it that would require such an effort to reset. Scotty's death is ambiguous enough to bring him back. The Challenger was destroyed, the crew was broken up. Even Geordi, with a captain's rank, went back to the Enterprise. Leah didn't go with him, even if they were a couple at the end of the book. About the hardest thing to undo is Bok's death. And since I don't think Bok is that big of a Picard foe to begin with, I don't think it's that big of a loss to the Trek Lit. world.
It sucks that Geordi was demoted in the next series of books and I guess IFM will be swept under the rug. Despite it's faults it finally delivered on a Geordi story and finally gave us Captain LaForge, so for that I am grateful. Maybe ever TNG character doesn't need their own series (I didn't say deserve because I think all of the mainline TNG characters could probably do well headlining a book series or miniseries), but it doesn't serve Geordi well to just stick him back on the Enterprise with zero character growth, in essence making him the equivalent of a bulkhead, propping up the rest of the cast. Even the some newer, Trek Lit. characters are getting more development than him. I think Geordi would be a great candidate to head a new SCE series if TPTB ever decided to do that again.